The cost of generating power from utility-scale solar continues to decline and maintain competitiveness with the marginal cost existing fossil fuel-powered plants, driven largely by continued technology improvements. That’s according to new analyses from Lazard, which reveals that efficiency improvements and reductions in the pricing of system components have led to dramatic levelised cost of energy (LCOE) declines for both utility-scale solar and wind. Figures from the financial advisory firm show the LCOE of unsubsidised solar PV fell from US$323-394 in 2009 to US$31-42 in 2020. In the past year, the cost of generation from utility-scale solar fell 9%. However, the rate of decline has diminished as the technology continues to mature.
PV Tech 20th Oct 2020 read more »